22.11.2022 - SOCIETY & FINANCE

The Balance Sheet Overindebtedness of the German Insurance State

by Sven Ebert

Tax revenues have been rising faster than GDP since 2007. The equivalent value often remains unclear due to a lack of balance sheets. Where there is transparency, it is clear that we are over-indebted. (in German only)



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FvS Wealth Price Index for Germany

At the end of the third quarter, asset prices for German households were -1.5% lower than in the prior-year quarter. For German assets, this is the first price decline since 2009, after asset prices had risen continuously, driven in part by the monetary policy of the European Central Bank.

FvS Wealth Price Series for the Euro Area

At mid-year, prices for private household assets in the Euro area continued to rise, while at the same time signs of a trend reversal are clearly discernible. While real estate prices in the Euro area were still defying the changed conditions at mid-year, prices for business wealth, equities and bonds fell significantly. While asset prices actually declined in Finland, they rose significantly in Portugal and the Netherlands at mid-year.

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